INSTEX Flashcards
1
Q
What is INSTEX ?
A
It is a payment mechanism
2
Q
Who setup this payment mechanism ?
A
European Union
3
Q
Why did EU setup such a payment mechansim ?
A
To secure trade with IRAN and skirt US sanctions after Washington pulled out of the landmark nuclear deal
4
Q
How is it advantageous ?
A
It will allow trade between EU and IRAN without relying on direct financial transactions
5
Q
Where is INSTEX registered ?
A
At Paris with an initial capital of 3000 euros chaired by UK
6
Q
Which 3 countries are the important partners in this project ?
A
France , Germany and Britain
7
Q
What will this payment scheme be used initially for ?
A
Non sanctionable trade including humanitarian goods such as medicine , food and medical devices
